중국의 IFRS 도입에 따른 연구개발비의 가치관련성
The Value Relevance of R&D Expenditure －Type under C－IFRS Adoption
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2007년부터 적용된 중국의 신기업회계기준에서 무형자산과 관련한 규정이 개정됨에 따라 연구 개발비에 대한 공시가 요구되었고, 그 이후 중국 상장기업의 연구개발비 관련 공시의 질은 대폭 개선되었다. 본 연구는 사회주의 경제체제를 가진 중국의 자본시장을 대상으로 연구개발비의 가 치 관련성과 기업소유구조에 따른 이들 기업의 회계정보에 대한 투자자들의 반응이 차별적인지 를 분석하였다. 분석결과는 다음과 같다. 첫째, 기업의 자본화된 연구개발비와 비용화된 연구개발비는 기업가 치에 유의한 양(＋)의 영향을 미치는 것으로 나타났다. 이는 자본화된 연구개발비의 가치관련성 을 검증한 결과로, 신기업회계기준에 의해 개정된 연구개발비의 조건부 자본화 정책이 지지되는 결과이다. 둘째, R&D 지출 비중이 높은 기업의 연구개발비는 낮은 기업 보다 기업가치에 미치는 영향이 높은 것으로 나타났다. 셋째, 기업소유특성에 따라 국유기업과 비국유기업 간의 가치관련 성을 분석한 결과, 비국유기업의 연구개발비가 기업가치에 미치는 영향은 국유기업 보다 통계적 으로 유의하게 높은 것으로 나타났다
Abstract
From 2007, China's New Accounting Standards was published, based on the revision of related of intangible assets, the requirement of disclosure for research and development was presented. And since 2009, the quality of disclosure for R&D information for China's listed firms has improved greatly. The purpose of this study is to investigate the expenditure of R&D activities for China's listed firms and value relevance, and in accordance with ownership properties, whether the investors' reaction on the accounting information for those firms will be discriminative or not is also tested in this research. Empirical results are as follows. First, In the case of total samples, when firms' R&D expenditure is higher, its R&D expenditure had greater share prices multiple as compared to other firms with lower one. Second, according to the percentage of R&D expenditure, these firms' accounting information showed discriminatory value relevance. In other words, these firms with high expenditure on R&D, their accounting informations showed higher value relevance as compared to firms with lower one. Third, according to ownership properties, these firms' accounting information had different value relevance. In other words, depending on the characteristics of ownership properties, we divided all the firms into private one and state－owned one, and private firms' accounting information's value relevance was higher than state－owned firms.
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